Plus, mortgage rates are set at a national level. Your house price went up dramatically in the last two years even though the purchase price didn’t increase because someone new to the neighborhood has to pay a higher monthly payment to buy.
I would argue that the amount of homes that lost value enough to fully compensate the rapid increase in interest rates is going to be extremely low, even in towns and neighborhoods facing rapid decline.
https://www.cnn.com/2023/03/08/homes/housing-shortage/index....
Plus, mortgage rates are set at a national level. Your house price went up dramatically in the last two years even though the purchase price didn’t increase because someone new to the neighborhood has to pay a higher monthly payment to buy.
I would argue that the amount of homes that lost value enough to fully compensate the rapid increase in interest rates is going to be extremely low, even in towns and neighborhoods facing rapid decline.
It’s also the case that more metro areas grew than declined: https://www.businessinsider.com/2020-census-fastest-growing-...
In other words, pick any random person in the US and it’s more likely than not that they live somewhere that is growing.